CC 2022-06-14_11b FY 2022-23 MidCycle Budget Update Report_PP Presentation
Consideration FY 2022-23 Mid-Cycle Budget
Update Report
06/14/2022
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Budget Timeline
2021-23 Biennial Operating Budget – 6/8/21
3 Quarterly updates for the FY 2021-22 budget have been provided
Council Goals & Priorities – 5/10/22
Investing in the Future
Investing in City Infrastructure and Facilities
Investing in People
5-Year Capital Improvement Program Budget and Local Sales Tax Program Review – 5/24/22
$69.9 million CIP and $13.9 million Local Sales Tax 5-year programs
2022-23 Mid-Cycle Update for Operating Budget – 6/14/22
06/14/2022
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Tonight
Discuss, consider, and adopt FY 2022-23 Mid-Cycle budget update and corresponding Resolutions
Discuss, consider, and direct the appropriation of up to $2,150,000 of the Reserve Fund Balance
06/14/2022
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Overview
Total FY 2022-23 Budget - $47.3 million
General Fund – $21.9 million
Revenue estimates
Expenditure requests
Appropriation of Excess Available General Fund Balance
Infrastructure Projects
Pavement Management Program (PMP)
Sidewalk Improvements
Unfunded CIP’s
Reducing the City’s CalPERS Unfunded Accrued Liability (UAL)
Employee Retention Incentive Program
06/14/2022
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2022-23 Budget – All Funds
06/14/2022
Notes:
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General Fund Budget & Available Fund Balance
(thousands)
06/14/2022
Notes:
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06/14/2022
2022-23 General Fund Revenues
$20.9 million total
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General Fund Revenue Variances
6/8/2021
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2022-23 General Fund
Expenditures by Department
06/14/2022
$21.9 million total
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2022-23 General Fund
Expenditures by Department
06/14/2022
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Salaries & Benefits Variances
6/8/2021
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Services & Supply Variances
06/14/2022
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Vehicle Replacement Requests $375,503
06/14/2022
Transfer to Capital Improvement Program (CIP) $802,785
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APPROPRIATION OF EXCESS AVAILABLE GENERAL FUND BALANCE
At the end of FY 2022-23, the projected fund balance is approximately $2,585,000 greater than the 20% goal
The act of allocating excess reserves adds to budgeted expenditures, the amount available to spend while keeping the reserve at 20% is $2,150,000
6/8/2021
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APPROPRIATION OF EXCESS AVAILABLE GENERAL FUND BALANCE OPTIONS
Infrastructure Projects:
Pavement Management Program (PMP)
Sidewalk Improvements
Unfunded CIP’s
Short Street Plaza Project
Recreation Services/Mark M. Millis Community Center Building Project
6/8/2021
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APPROPRIATION OF EXCESS AVAILABLE GENERAL FUND BALANCE OPTIONS
Reducing the City’s CalPERS Unfunded Accrued Liability (UAL) by making additional direct payments to CalPERS
Allocate some or all of the $2.15 million of excess General Fund Balance to pay down the UAL further in FY 2022-23
A payment of $2.15 million to CalPERS would be anticipated to provide $170,000 in savings annually beginning in FY 2024-25
6/8/2021
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APPROPRIATION OF EXCESS AVAILABLE GENERAL FUND BALANCE OPTIONS –
Employee Retention Incentive Program
6/8/2021
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Other Budget Requests
06/14/2022
Enterprise Funds, Water & Sewer – updated to reflect the rate adjustment approved by Council 03/08/2022
Special Revenue Funds:
Anticipated increase in gas tax revenue:
Fund 220 Streets
Fund 225 Transportation
Fund 240 Tourism Business Improvement District (TBID) changed reflected in Consent item 8.g.
Reflect changes related to CIP projects:
Fund 214 Park Improvements
Fund 218 Local Sales Tax
Fund 224 Transportation Facility Impact
Fund 241 Water Availability
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Questions?
06/14/2022
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Backup Slides
06/14/2022
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06/14/2022
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